China minister says trade war with US would be 'disastrous'

12 Marcha 2018, 02:17 | Bibiana Flor

"No immediate clarity on the exact U.S. procedure for exemption however", Malmstrom tweeted after a trilateral meeting with U.S. Trade Representative Robert Lighthizer and Japanese Minister for Economy, Trade and Industry Hiroshige Seko in Brussels.

Malmstrom said Friday in Brussels, "We hope that we can get confirmation that the EU is excluded from this". "It is time to halt the damage", Ross wrote. "We want to make sure that for those who are looking to take advantage of American markets that we have the same opportunities in their markets".

Analysts say the Trump tariffs will continue to weigh on local steelmakers as they are heavily dependent on exports to countries such as the United States.

Complicating matters, Trump indicated that the sparing of Australia was linked to an unspecified "security agreement" outside of trade policy.

This morning on ABC TV's Insiders, Trade Minister Steven Ciobo said the world faced "choppy waters" over trade and hinted that Australia may support World Trade Organisation action by other nations against the US tariff plan, saying Australia would "practise what we preach on free trade".

The United States and EU previously sought to level the playing field with targeted tariffs. The White House said Trump will consider exempting other U.S. allies on a case-by-case basis.

Katainen said the EU could not address the issue because each of its 28 members set their own defense budgets.

In Brussels, the capital of the European Union, Saturday's meetings appeared inconclusive.

Meanwhile, the European Union said it hoped, like Canada and Mexico, to be exempted from U.S. tariffs, or that it could iron out difference with the U.S.at the World Trade Organization. "It undermines the benefits that the new tax law provides and runs counter to our goal of advancing pro-growth trade policies that will keep America competitive in the 21st century global economy", Hatch said in a statement. "He is committed to having a very fair and reciprocal military and trade relationship".

China's steel and metals associations urged the government to retaliate, citing imports from the US ranging from stainless steel to coal, agricultural products and electronics. Brazil, South Korea and Mexico are the next largest exporters of steel to the US.

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